Two years ago this column warned that "a basic principle in business says
always avoid entering a 50:50 joint venture."

It was trotted out in the analysis of Orange and T-Mobile's announcement to do exactly that with their UK operations which became a company called Everything Everywhere.

Although Orange always looked the senior partner, with no one in economic control the joint venture was a lame duck. Its chief executive, Tom Alexander, had boundless optimism but was always at the mercy of the shareholders falling out, or simply being unable to get things done.

Two years on and Alexander has succumbed to what he called a "mid-life crisis" while his two most senior lieutenants were yesterday eased out of the business as new chief executive, Olaf Swantee, was parachuted in by Orange's parent France Telecom.

As often happens with a 50:50 joint venture, the necessary actions on integrating the two companies' operations and adopting a rational branding and marketing strategy haven't happened effectively or quickly.

That's Swantee's challenge but also his opportunity. But he needs to address these things urgently. There was a hope two years ago that this joint venture could be floated. There's no chance of that happening at the moment but before the operation leaks even more value he needs to get a grip.

Deal Due as Charter runs out of road

Plenty of companies have blamed the financial crisis for their woes. Few have cited it as a reason for being taken over.

Yesterday Charter, the struggling engineering company, said because of "heightened recent economic uncertainty and market volatility" it had begun discussions with its previously unwanted suitor, Melrose, about being acquired.

Strange that other companies aren't folding into the arms of rivals for the same reasons, given our economic problems affect the entire nation. Charter's capitulation could be a sign of things to come, but it's really down to the fact it has run out of road and having squeezed a slightly improved offer out of Melrose its shareholders want a deal.

Charter's board insists there's still a higher, rival proposal of about 870p on the table, albeit from a mystery bidder. I suspect it will remain a mystery too. With so many Charter shareholders itching for a Melrose deal, including taking Melrose shares in payment, Charter is about to be put out of its misery.